Q.1 What are rewards credit cards and what advantage do they offer?
Ans. Rewards credit cards offer a reward points program that allows users to earn points by spending in various categories and redeem them for rewards or other options. This helps users save money and enhances their experience of using a credit card.
Q.2 What categories can users earn reward points from using rewards credit cards in India?
Ans. Users can earn reward points from spending on popular categories like online and merchant store shopping, travel and holidays, dining, etc.
Q.3 What are some of the top rewards credit cards in India for 2023?
Ans. Some of the top rewards credit cards in India for 2023 include YES Prosperity Reward Plus Credit Card, FinBooster: YES Bank-BankBazaar Co-branded Credit Card, IndusInd Bank Platinum Card, HSBC Smart Value Credit Card, HDFC Moneyback Credit Card, and HDFC Freedom Credit Card.
Q.4 What is the joining fee and annual fee for the YES Prosperity Reward Plus Credit Card?
Ans. The joining fee and annual fee for the YES Prosperity Reward Plus Credit Card is currently nil, but this is a limited time offer.
Q.5 What is the joining bonus for the YES Prosperity Reward Plus Credit Card?
Ans. Users can earn 1,250 reward points by spending Rs.5,000 within 30 days of the card issuance.
Q.6 What are some of the benefits of the HSBC Smart Value Credit Card?
Ans. Benefits of the HSBC Smart Value Credit Card include no joining fee, lifetime free membership, 10% cashback on spends for the first 60 days, and an Amazon voucher worth Rs.250 on a single transaction of Rs.500 or more within 30 days of card issuance.
Q.7 What is the earning rate for reward points on the HDFC Moneyback Credit Card?
Ans. The earning rate for reward points on the HDFC Moneyback Credit Card is 4 points per Rs.150 spent on online shopping and 2 points per Rs.150 spent on other transactions.
Q.8 What is the milestone reward offered by reward points programs?
Ans. A milestone reward is a bundle of reward points offered by the bank for reaching certain milestones with respect to credit card transactions or spends.
Q.9 Which categories are usually eligible for accelerated reward points?
Ans. Categories eligible for accelerated reward points differ from one card to another and are mostly based on the credit card type. In co-branded credit cards, more rewards points will be offered on purchases related to credit card partner's product or services.
Q.10 What is the APR for the HDFC Freedom Credit Card?
Ans. The APR for the HDFC Freedom Credit Card is between 23.88% to 35.88% per annum.
Q.11 Can users redeem rewards points for cash against the outstanding on their credit card?
Ans. Some cards will provide an option to redeem rewards points for cash against the outstanding on the card.
Q.12 What documents are required to apply for a rewards credit card in India?
Ans. KYC documents such as PAN, address proof, and ID proof, along with a photograph and Form 16 may be required to apply for a rewards credit card in India.
Q.13 What is the earning rate for reward points on the HSBC Smart Value Credit Card?
Ans. Users can earn 3 reward points per Rs.100 spent on dining, telecom & online transactions and 1 reward point per Rs.100 spent on other transactions.
Q.14 What is the annual fee for the HDFC Freedom Credit Card?
Ans. The annual fee for the HDFC Freedom Credit Card is Rs.500.
Q.15 What is the joining bonus offered by the YES Prosperity Reward Plus Credit Card?
Q.16 What are some of the exciting rewards offered by credit card companies in India?
Q.17 What are the key highlights of the YES Prosperity Reward Plus Credit Card?
- Reward points on every purchase
- Exclusive discounts and offers on dining, shopping, and travel
- Fuel surcharge waiver at petrol pumps across India
- Complimentary access to select airport lounges
- Zero lost card liability and fraud protection
- Contactless payment technology for faster and more convenient transactions
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